Ripple Strikes Deal With Top Payment Firm GME Remittance of South Korea

Jafrin  |  Aug 11, 2021

Global Money Express Co. Ltd (GME Remittance) has announced a partnership with SBI Ripple Asia, a subsidiary of distributed ledger company Ripple to accelerate speedier payments between South Korea and Thailand.

GME Remittance of South Korea is Joining Ripple

One of South Korea’s largest remittance service firms, Global Money Express Co. Ltd (GME Remittance) has collaborated with Siam Commercial Bank (SCB), Thailand’s largest bank in terms of market capitalization to enable faster payments between the two countries, through the use of RippleNet.

The deal was established through SBI Ripple Asia, a joint venture between SBI Holdings and Ripple.

Through the collaboration, GME Remittance is looking to connect with existing RippleNet customers to expand into additional remittance corridors across Asia and globally, including Europe and the U.S, per the release.

Following the partnership, Subash Chandra Poudel, Director and COO at Global Money Express Co. Ltd said that by becoming part of the RippleNet network, GME Remittance could open new remittance corridors across the globe:

“We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within 1-2 weeks. This has drastically reduced the time to market and provides us with an edge compared to our competitors.”

Ripple's Dominance in Asia

Ripple has formed major partnerships this year, boosting the adoption of RippleNet and XRP. For instance, last month, Ripple collaborated with Japan’s SBI Remit and the Philippines-based for the launch of RippleNet’s first live On-Demand Liquidity (ODL) service implementation in Japan. The distributed ledger company already has a strong presence in South Korea with Coinone Transfer, Sentbe, and Hanpass.

Commenting on Ripple’s latest deal, Emi Yoshikawa, Vice President of Corporate Strategy and Operations at Ripple, said:

”We’re pleased to partner with a leading payments service provider like GME Remittance to deliver a superior customer experience while accelerating their expansion into new markets as they connect with our existing network of established partners on RippleNet.”

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